Another Turkish Platform Closes Its Doors

in Project HOPE6 months ago

The digital currency exchange in the Turkish “Vebitcoin” phase ended unexpectedly, indicating unknown monetary challenges.

As confirmed on the "Vebitcoin" website:

Due to the new interest in digital forms of money, our exchanges are more exceptional than expected.

We regret that the current circumstances have placed us in a difficult financial position.

The stage said it had suspended the exchange request to allow the option to consider the petitioners' privileges in exchange for their money, adding that more data would be distributed soon.

This makes "Vebitcoin" the second Turkish phase to close its entries this week after the "Thodex" phase halted the exchange last Wednesday, citing firstly outside speculation and digital attacks later.

The "Vebitcoin" stage is one of the smallest exchanges in Turkey, with a daily turnover of $ 60 million.

In contrast, Thodex had a daily volume of over $ 500 million on its last trading day.

Likewise, there is the "Paribu" stage, which is one of the largest stages of exchange in Turkey, as it recorded a trading volume of one billion dollars yesterday.

The scale of assets held in stage is unknown at this stage.

Shortly after the announcement, MASAK froze all ledgers in the country related to Vebitcoin and opened an examination for the organization and its heads.

Freezing ledgers is a vital first step to securing inquirers and individuals documenting a legal complaint in court.

This was a heartbreaking week for Turkey's digital money market.

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Using BitGo Name:

There are 31 exchange platforms in Turkey, including “Thodex” and “Vebitcoin”.

To acquire clients, the exchange stages improve their image with global accomplices as their partner, for example, "BitGo" regardless of whether they are right.

Vebitcoin envisions itself on its BitGo partner site.

BitGo is one of the prominent organizations in the cryptocurrency space and is spending a lot of time getting computerized monetary standards, located in California.

Whereas when the source spoke to a BitGo representative, he said that Vebitcoin was just a hot wallet client and not a cold wallet client and not a collaborator at all, and a similar representative added:

A popular Turkish crypto site said in August 2019 that cryptocurrency cash on "Vetbitcoin" earned up to $ 100 million because it linked to "BitGo".

All items and resources in the Vebitcoin exchange stage are obtained by staging them with BitGo.

This means that the "Vebitcoin" stage overestimated its relationship with "BitGo" and used that, as advised by a representative of "BitGo", to Turkish cryptocurrency news destinations to further distort the matter.

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This is a sad news but I believe they will resurrect soon